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Valad Europe and Angelo, Gordon & Co have acquired the Equinox Portfolio of office buildings in the Netherlands.

The portfolio comprises nine office buildings totalling 50,198 sq m, eight of which are located in the Randstad area and one in Groningen.

Let to 37 occupiers, including Rijksgebouwendienst, Bureau Jeugdzorg and Regus, the portfolio has a weighted average lease term of three years.

Christian Bearman, Valad Europe’s chief operating officer, says: “We are pleased to have closed our first joint venture with Angelo Gordon. We will be implementing an intensive asset management strategy across the portfolio, primarily focussed on the existing tenant customers, letting vacant units and repositioning the assets in order to improve income and capital values. Our local team will provide best-in-class tenant management using their local knowledge and skills to attract and retain a strong mix of tenant customers across the portfolio.

“The Equinox Portfolio is representative of the opportunities starting to emerge from some of the larger non-performing loan books in the Netherlands. At Valad, we have the advantage that our locally based teams are able to both identify and realise the potential value in many of these assets. We remain primed and on the look-out for more deals across the Benelux region.”